Binance APAC Exec Urges Cyber Security Awareness, Reveals Four Simple Steps for Investors

Coinciding with Australia’s Cybersecurity Awareness Month, the head of Binance’s law enforcement training, Jarek Jakubcek, has urged Aussies to be aware of cybersecurity risks in an article appearing in The Australian today.

Jakubcek said the incidence of cyber scams in Australia continues to skyrocket with over 600,000 cases being reported in 2023, but at the same time financial losses from these scams have actually fallen, down 13.1% from 2022 and now sitting at $2.74 billion. Despite the increase in the incidence of cyber scams, Jakubcek says crypto-specific scams have declined globally in recent years, a trend he attributes to blockchain’s inherent transparency and traceability.

Jakubcek also says taking simple steps to strengthen your security, such as enabling multi-factor authentication and using strong passwords, can significantly reduce the risk of losing money to scams.

Related: ABC Report: Aussies Targeted for Crypto Scams as “Easy Prey”

Crypto A Tiny Fraction of Global Illicit Finance

Jakubcek cites data from Chainalysis showing that the amount of crypto flowing to known illicit addresses globally has been falling steadily over the past few years — in 2023 it sat at US$24.2 billion, down from US$39.6 billion in 2022.

While US$24.2 billion is a huge amount of money, Jakubcek says it should be understood in context:

Jakubcek also highlights the discrepancy in the accuracy of estimates of the size of the blockchain illicit finance market compared to the total market — saying that this difference is largely due to the much improved transparency and traceability of blockchain technology over traditional fiat payment methods.

“Globally, governments, regulators, and law enforcement authorities are recognising the benefits of this transparency and the power of crypto and the blockchain in protecting citizens from cybercriminals. Working with global law enforcement, Binance recovered or froze US$73 million in illicit funds in 2024,” he said.

He described the battle between scammers and those looking to thwart them as a “cat-and-mouse game” saying that while crypto tech is an important tool “to help identify and investigate rising cybercrime”, joint effort from “government, industry and individuals” is required to stay ahead of cybercriminals.

Four Tips to Stay Safe from Scammers

He reiterated the four simple steps to significantly buff your cybersecurity being promoted during Cyber Security Awareness Month by the Australian Cyber Security Centre, which are:

• Use multi-factor authentication where it’s available. Multi-factor authentication makes hacking your accounts much more difficult as the hacker needs to have access to several forms of authentication, such as SMS or authenticator apps in addition to account credentials.
• Keep apps and devices up to date. By keeping software up to date you’re ensuring you have all the latest security fixes installed.
• Use strong, unique passwords. Using the same password across several accounts makes you more vulnerable to hacks. Password managers are the easiest way to randomly generate unique passwords for each of your accounts.
• Report any incidents immediately. If you do happen to get scammed or hacked, reporting it to ScamWatch or Report Cyber (https://www.cyber.gov.au/report-and-recover/report) promptly improves the chances you could recover some of your lost funds / assets.

Related: ASIC Clamps Down on 615 Crypto Scam Websites as Fraudulent Activities Surge to $1.3 Billion

Jakubcek also noted that understanding crypto tech and market dynamics is important for investors in order to avoid falling victim to scams.